Gearing up for the launch of its low-cost 4G services, RIl’s telecom arm Reliance Jio Infocomm plans to further raise Rs1,000 crore through Non-Convertible Debentures to fund its business expansion.
“...Pursuant to the approval of the Board of Directors and Shareholders, the Company proposes to issue Secured Redeemable Non-Convertible Debentures aggregating up to Rs1,000 crore, on private placement basis,” Reliance Jio Infocomm (RJIl) said in a regulatory statement on Friday.
On Thursday, the company had made an announcement to raise Rs3,500 crore through debentures. With the latest announcement, the cumulative debt raised by company this fiscal has reached around Rs9,000 crore.
In May, the company had raised $750 million or about Rs4,500 from consortium backed by Korea Trade Insurance Corporation to buy telecom equipment from Samsung Electronics and Ace Technologies.
RJIl did not share any further details about the fresh debt that it plans to raise.
RIl has already invested over Rs1 lakh crore in RJIl.